- Pengrowth Energy (PGH +1.1%) says it is targeting 2015 capital spending of C$200M, down 74% from 2014, without any expected decrease in production.
- PGH says 2014 production exceeded the top end of its guidance of 71K-73K boe/day even after mature asset sales of 1,400 boe/day.
- PGH unveils a revised two phase development plan for the Lindbergh project that is expected to deliver total production of 40K-50K bbl/day with $800M less in capital spending; the second phase of the project will be delayed by a year.
- Also cuts its monthly dividend to C$0.02 from C$0.04.